A building model with a bunch of keys on a table
Real estate industry is leading Bitcoin adoption in 2024, recent data shows
As Bitcoin popularity continues to grow, data has shown that the real estate industry is at the top of adoption in 2024.
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Bitcoin investment platform, River, shared the data in a tweet on 18 November, stating that it has seen more businesses investing in Bitcoin this month than ever before.
Other industries following real estate are hospitality, consumer products, and health care, the company said.
Why Bitcoin adoption is rising
Bitcoin adoption recently saw an uptick leading to the current bull market led by the number one digital currency. The data from River confirms this, but why the sudden rise in interest?
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The approval of Bitcoin ETFs at the beginning of this year may be a major reason why this adoption is on the rise. Prior to the approval, most businesses were wary of the digital asset and the crypto industry in general.
With the ETF approval however, corporate investors have become more confident as they can now invest in and profit from Bitcoin’s price gains without being directly exposed to the volatility that characterizes the asset.
Secondly, the victory of Donald Trump, the newly elected president of the U.S. has also increased confidence in the crypto space. He has clearly shown that he’s pro crypto and has engaged with key crypto personalities, which suggests his government will support crypto.
This is contrary to the current and outgoing government which has cracked down on crypto massively through the Securities and Exchange Commission (SEC) and its Chairman, Gary Gensler who may be out of office soon.
Adoption to grow
Although Bitcoin adoption has already reached a remarkable level, there is still room for growth and more businesses are expected to enter the industry.
River estimates that business bitcoin holdings will grow at a rate of between 204 and 519 BTC daily until 2026, translating to $12.2 million and $31.1 million per day at a $60,000 bitcoin price.
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